METALS-Copper underpinned ahead of payrolls, BoJ supports

April 04, 2013|Reuters

SINGAPORE, April 5 (Reuters) - London copper was steady onFriday, not far from 8-month lows hit the prior session,buttressed by the Bank of Japan's unprecedented stimulus andbiding time ahead of a headline U.S. jobs report with topconsumer China out on holiday.

FUNDAMENTALS * Three-month copper on the London Metal Exchange traded little changed at $7,440 a tonne by 0104 GMT, from theprevious session. * Copper on Thursday plumbed its lowest since Aug. 3 at$7,331.25 a tonne. Prices are now down more than 6 percent forthe year. * The Shanghai Futures Exchange will reopen Monday after atwo-day break. * The Bank of Japan unleashed the world's most intense burstof monetary stimulus on Thursday, promising to inject about $1.4trillion into the economy in less than two years, a radicalgamble that sent the yen reeling and bond yields to record lows.

* The number of Americans filing new claims for unemploymentbenefits hit a four-month high last week, the latest suggestionthe labor market recovery lost some momentum in March.

* European Central Bank President Mario Draghi opened thedoor on Thursday to an interest rate cut as soon as next month,saying his bank stands "ready to act" to boost the recession-hiteuro zone economy. * Rio Tinto has hired investment bank Macquarie tosell its majority stake in the Northparkes copper mine inAustralia, a source familiar with the matter said, adding to agrowing list of planned divestments * For the top stories in metals and other news, click , or

MARKETS NEWS * Asian shares fell on Friday after the Bank of Japan'sunprecedented monetary expansion drive prompted a global stockmarket rally and sank the yen overnight, while some investorsturned to impending U.S. jobs data as concerns over the Americaneconomy rise. * The yen fell to its lowest level in more than 3-1/2 yearsagainst the dollar on Friday, after the Bank of Japan unleashedthe world's most intense burst of monetary stimulus on Thursday,promising to inject about $1.4 trillion into the economy in lessthan two years.